Recently, the cryptocurrency market in Malaysia has undergone significant changes, with multiple policy adjustments reshaping the entire ecosystem.

**Newcomer in Stablecoins**

Bullish Aim, a company with ties to the Johor royal family, has launched the RMJDT ringgit stablecoin within a regulatory sandbox framework. This stablecoin is not just a simple asset tool; its core mission is to promote cross-border settlements in ringgit and attract foreign capital inflows. Operating in a compliant manner within the sandbox environment is, in fact, preparing for the future mainstream adoption of the ringgit stablecoin. This initiative marks royal-level participation and reflects official support for digital financial innovation.

**Exchange License System Clarified**

The authorities have officially locked in six licensed exchanges: Luno (a veteran in the market), SINEGY, Tokenize (a cross-regional platform), MX Global (which has received institutional investment), HATA (which has an advantage with its USD channel), and Torum (which has social finance attributes). This list is crucial—only the exchanges listed will be able to secure long-term survival space, while unlicensed platforms will face official blocking and cleaning.

**Tax regulations fully rolled out**

According to the new plan released by LHDN on December 5th, tax requirements are divided into two categories. Taxable situations include: profits generated from frequent trading, operating income activities, and income from mining (calculated according to income tax standards). However, the appreciation gains from individuals holding coins long-term and income from sporadic trading for shopping are temporarily not subject to tax. It is worth noting that all transaction records must be valued in ringgit, and it is recommended to use the First In First Out (FIFO) method to calculate the cost basis of transactions. Complete transaction data must be properly preserved for future reference.

**Market Signal Analysis**

The logic behind this series of actions is clear: the royal family is testing stablecoins, the licensing system is detoxifying, and the tax policy is being standardized—Malaysia is building a complete compliance framework. This is neither repression nor laissez-faire, but guiding the market towards standardized development through regulatory design. For market participants, the landscape has become clear: compliant operations have become a necessary choice.